New applications launched by India's Axis Bank will enable letters of credit (L/Cs) and bank guarantees to be approved instantly.

India's third largest private sector bank by assets says it is taking digital banking to corporate clients to maintain its market position.

Applications suite

Axis Bank says that payments and documentation that delay transactions will now be available for its customers instantly on mobile devices via its applications.

They comprise facilities for electronic payments, trade finance transactions, foreign exchange transactions and an internet banking application for corporate customers.

Approvals and reporting

The new applications will help customers approve bank guarantees, L/Cs and foreign exchange transactions. Customers will also be able to send reports via the applications.

Axis Bank sees the applications as important tools for maintaining or improving its market position in transaction banking, from which the bank derives nearly a fifth of its income.

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